The New York Mets and Jason Bay have agreed to a buyout of the outfielder’s contract, according to MLB.com.

As a result, Bay now is a free agent.

Bay, 34, was due to make $16 million in 2013 and the team had a $17 million option (with a $3 million buyout) on him for 2014. The New York Post reports Bay will receive his full salary, including a $2 million signing bonus and the $3 million buyout, meaning he basically was released.

“I still feel I have plenty to give to this game and that I can play baseball at a high level. But after serious consideration, both sides agree that we would benefit from a fresh start,” Bay said in a statement.

Bay has failed to live up to expectations since signing a four-year, $66 million deal prior to the 2010 season. He was coming off a career year (.267-36-119 with a .921 OPS) with the Boston Red Sox in 2009 when the Mets inked him to that ill-advised contract.

In his three seasons with the Mets, Bay has been hampered by injuries and ineffectiveness, playing in more than 95 games just once. In those three seasons, he has hit just .234 with 26 homers, 124 RBIs and a .687 OPS.

“Jason is a great teammate, hard worker, stand-up guy, and true gentleman,” Mets COO Jeff Wilpon said in a statement. “Like Jason, we had planned for the kind of production here that he enjoyed in Boston and Pittsburgh, where he established himself as one of the game’s top players. We wish Jason and his family success and happiness in the future.”

In his 10-season major league career, Bay is a .269 hitter with 211 homers and 734 RBIs. The three-time All-Star and 2004 NL Rookie of the Year also has played for the Pittsburgh Pirates and San Diego Padres.